JOHN LEE CARROLL, ESQUIRE, GOVERNOR. 39

exceeding in amount four hundred thousand dol- lars, and to dispose of the same for the following purposes, to wit: as to three hundred thousand dol- lars thereof, the same shall be exchanged for the three hundred thousand dollars of first mortgage bonds of the said company now outstanding, dollar for dollar, with the consent of the holders thereof; and the said three hundred thousand dol- lars now outstanding as aforesaid, when redeemed as aforesaid, shall be retired, and it shall not be law- ful to issue the same again for any purpose what- ever; and the remaining one hundred thousand dollars thereof shall, and may be disposed of, for the purpose of raising the means to equip their said railroad, to complete the construction thereof, and to provide it with everything necessary for its suc- cessful operation. The said bonds, when issued and negotiated as aforesaid, shall be and they are	Exchange bonds.
hereby constituted first mortgage liens on the prop- erty, estate and franchises, now and hereafter to be acquired, of the said railroad company; and no bond of the said company, issued in good faith for the purposes aforesaid, shall be annulled or abated, because the same may have been sold or disposed of by the said company for less than its par value; and the lien held by the State of Maryland on the prop- erty of the said railroad company, to secure the payment of six per cent, interest out of the profits of the work, on the shares of the capital stock of	First Mort- gage liens.
the said company held by the said State, is hereby expressly waived, postponed and deterred in favor of the holders of the bonds which may be issued as aforesaid, to an amount not exceeding in the whole four hundred thousand dollars.	Waived.
SEC. 2. And be it enacted, That the Worcester Rail- road Company shall be capable in law of receiving any personal or real estate by gift or purchase, and of holding, improving and disposing of the same as fully and freely as if it were a natural person, but only for railroad purposes; provided, however, that noth- ing contained in this act shall be of any effect or force in law, unless said company consents that all property of said company shall be liable for State, county and municipal taxation.	Powers.